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Old 09-20-2017, 01:30 PM
 
Location: Austin, TX
15,269 posts, read 35,642,308 times
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Well, the house down our street that was listed for $399,900 (can I just say $400k?) sold in two days. Some houses appear to be moving pretty quick still, so it does appear to be a slow down and not a total stagnation or anything.
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Old 09-20-2017, 03:37 PM
 
Location: SW Austin & Wimberley
6,333 posts, read 18,058,399 times
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Quote:
Originally Posted by Trainwreck20 View Post
Well, the house down our street that was listed for $399,900 (can I just say $400k?) sold in two days. Some houses appear to be moving pretty quick still, so it does appear to be a slow down and not a total stagnation or anything.
Was that in VaWO?
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Old 09-20-2017, 03:44 PM
 
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Fed indicated QE is over, which will increase upward pressure on rates. Homebuyers will feel pressured to lock in, putting upward pressure on prices in the near term.
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Old 09-20-2017, 04:10 PM
 
Location: Round Rock, Texas
13,448 posts, read 15,484,806 times
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I've noticed that as well. What it means to me is that people can't ask for the moon anymore for a Yugo. Frankly, that's fine for me right now because in 2018 we'll be paying an extra $1k per year in property taxes due to the increased, higher priced sales. In my neighborhood, there appear to be no more sub $400k homes, even for 2000 sq ft. At the same time, the buyers seems to want homes that have been updated. The original owners of the homes (neighborhood is 30 years old and there are many owners that have lived there since their home was constructed) are starting to realize that they can't sell an 80s/90s time capsule for top price anymore, not with newer construction pressure.
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Old 09-20-2017, 05:56 PM
 
Location: Austin, TX
15,269 posts, read 35,642,308 times
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Quote:
Originally Posted by austin-steve View Post
Was that in VaWO?
Yeah. This one sold in no time (or it appears to, I haven't checked MLS, and ofc it would not be closed on yet)

https://www.trulia.com/property/3216...ustin-TX-78749
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Old 09-20-2017, 06:04 PM
 
Location: C.R. K-T
6,202 posts, read 11,454,719 times
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Quote:
Originally Posted by lighthouse2000 View Post
I feel market will have another peak before we go into a recession that will happen, we do not know when but it will although I doubt will have a big effect in Austin.
It seems that the economy is starting to crash right now. Just on time for Thanksgiving/Christmas Holiday season. Merry Christmas ya'll!!!

The Fed is seriously considering raising interest rates, which makes mortgages more expensive. Their data suggests that there is a sliver of economic growth that could justify the raise. It's not a matter of "If", but "When?".
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Old 09-20-2017, 09:36 PM
 
Location: Avery Ranch, Austin, TX
8,977 posts, read 17,555,108 times
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Quote:
Originally Posted by KerrTown View Post
It seems that the economy is starting to crash right now. J.

Outside of BedBathBeyond and ToysRUS, which economy were you referencing ?
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Old 09-20-2017, 09:59 PM
 
Location: central Austin
7,228 posts, read 16,105,799 times
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Quote:
Originally Posted by 10scoachrick View Post
Outside of BedBathBeyond and ToysRUS, which economy were you referencing ?
No kidding! Wages are finally on an upward trajectory and unemployment is low.
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Old 09-21-2017, 12:37 PM
 
Location: SW Austin & Wimberley
6,333 posts, read 18,058,399 times
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Quote:
Originally Posted by Trainwreck20 View Post
Yeah. This one sold in no time (or it appears to, I haven't checked MLS, and ofc it would not be closed on yet)

https://www.trulia.com/property/3216...ustin-TX-78749
Yeah, that one was 7 days active. It would comp out higher than $399K, but the seller and agent were smart to just price it down below $400K.

I have one I own that I am thinking about selling as it's coming vacant this weekend, and I'm all over the map on what I think it might sell for. Biggest 1-story floorplan (2463) in VaWO on one of the biggest premium lots (0.35 acre). It comps at around $449K, and would have sold for that for sure early spring or last summer, but now I'm wondering if it will even pull $425K.

I'm starting to see more agents advertise "priced below comps" when posting in the Realtor forums and around my office.

The market is shifting. I'm attending an economic update on the 28th, so I hope to learn more about the underlying metrics causing this at that time.

Steve
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Old 09-21-2017, 01:28 PM
 
Location: Austin, TX
15,269 posts, read 35,642,308 times
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Quote:
Originally Posted by austin-steve View Post
Yeah, that one was 7 days active. It would comp out higher than $399K, but the seller and agent were smart to just price it down below $400K.

Steve
The young couple living there had just recently bought the house (July 2016, for cash) and just recently got transferred out of country. I suspect they priced it to sell quickly and they may have already left for their new job. In any case, they likely came out ahead even on that short time frame.

This one right down the street took a bit more time to sell:
https://www.trulia.com/property/3056...ustin-TX-78749

Think it sold for $365k and it was on the market at least a month, if not closer to two? It was last list as 375 and I think originally listed 380, so it was much more optimistically priced to start with. They were not in a hurry, as they had the money to buy their new house just a few miles away.

Still, the cost per sf seems crazy. Just 4 or so years ago, the houses were selling for around $120/sf. The current prices are up ~45% from 2012-2013.

2311 sf - $400k - 173/sf
2058 sf - $365k - 177/sf


2463 sf one story? Jeez, that is more likely one of the biggest houses in the 'hood for either one or two story.
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